超大规模市场优势下技术创新对企业市场势力的影响

胡琨^1,2，张伯超³，韩清³，陈刚¹

（1. 东方证券股份有限公司，上海 200001；2. 复旦大学经济学院，上海 200433；3. 上海社会科学院经济研究所，上海 200020）

摘要：在中国超大规模市场需求条件下, 企业可以通过创新获得收益, 同时行业获得良性成长, 市场得以保持健康的竞争活力。基于2010—2021年沪深京上市公司与国家知识产权局匹配的70余万条发明专利数据，本文研究发现，技术创新能够降低企业市场势力。异质性分析结果表明，负向效应在跟随企业、非国有企业与非出口企业中更为明显。借助大语言模型在专利文本层面区分产品创新与工艺创新，发现产品创新与工艺创新对企业市场势力影响存在差异。产品创新负向影响更强，工艺创新对市场势力影响不明显。这凸显了超大规模市场优势下企业技术创新带来产业良性循环的独特优势。根据研究结论，本文从优化产业政策、细化创新政策和鼓励企业出海三个角度提出相应政策建议。

基金项目：国家社会科学基金一般项目“数据要素赋能培育新质生产力的理论机制与实践路径研究”（24BJL087）

关键词：超大规模市场优势；技术创新；产品创新；工艺创新；企业市场势力

作者简介：胡琨，东方证券股份有限公司博士后工作站/复旦大学经济学院应用经济学博士后流动站博士后；张伯超，上海社会科学院经济研究所副研究员；韩清，上海社会科学院经济研究所研究员；陈刚，东方证券股份有限公司副总裁。

引用格式：胡琨,张伯超,韩清,等.超大规模市场优势下技术创新对企业市场势力的影响[J].首都经济贸易大学学报,2026,28(2):111-126.

The Impact of Technological Innovation on Enterprise Market Power under the Advantage of a Super-Large-Scale Market

HU Kun^1,2, ZHANG Bochao³, HAN Qing³, CHEN Gang¹

(1. Oriental Securities Co., Ltd., Shanghai 200001;

2. Fudan University, Shanghai 200433;

3. Shanghai Academy of Social Sciences, Shanghai 200020)

Abstract: Against the backdrop of incremental demand in China's super-large-scale market with huge potential from its 1.4 billion population, this paper investigates the effect of technological innovation on enterprise market power theoretically and empirically. In line with the strategic orientation of technological innovation in China's economic and social development, this paper responds to the practical needs of innovation-driven growth, as enterprises contributed 64.4% of China's invention patent applications in 2022.

Using a matched dataset of more than 700,000 invention patents from Chinese listed firms and the National Intellectual Property Administration from 2010 to 2021, this paper finds that technological innovation significantly reduces enterprise market power. The mechanism is that innovation improves firms' revenue while generating positive spillovers to industry peers, and its impact on individual firms outweighs the impact on the industry average, encouraging enterprises to innovate even at the cost of lower market power for higher relative returns. This result challenges the traditional three-stage model and the view of Nordhaus (1969), indicating that monopolistic profits are not a necessary condition for corporate innovation. Heterogeneity tests show that the negative effect is stronger in follower firms, non-state-owned enterprises, and non-exporting enterprises, which operate in more competitive domestic markets with stronger demand. Using large language models to classify product and process innovation from patent texts, this paper finds that product innovation exerts a stronger and more significant negative effect on market power due to larger technology spillovers, while process innovation has no significant effect. Product innovation boosts industry-wide revenue growth, whereas process innovation generates limited spillovers. These findings reflect the unique benefits of China's super-large-scale market, which supports a virtuous industrial cycle and extends industry growth.

This paper's contributions lie in clarifying the mechanism by which innovation reduces market power, and using large language models to categorize innovation from 700,000 Chinese patents. Based on the conclusions, this paper proposes policy implications in three areas: optimizing industrial policies, refining differentiated innovation incentives, and supporting innovative enterprises to expand globally, thereby fully utilizing the super-large-scale market and advancing high-quality economic development.

Keywords: super-large-scale market advantage; technological innovation; product innovation; process innovation; enterprise market power

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